Legal framework
Once again using our most popular fractional ownership model, the legal framework allows for the fractional owners to either go on a title deed directly or to be a shareholder in a company that holds the title of the real estate.
This will all depend on a number of factors i.e. the developer’s preference, the laws of each specific country, the type of property etc. We work with the developer’s lawyers to incorporate their existing contracts into the specified model and augment them with respective calendars, client’s responsibilities and obligations etc. to produce one complete fractional sales legal pack.
Unlike when you purchase a property outright, all the legal costs are included within the purchase price of your fractional ownership, now doesn’t that make sense!
The legal pack will include the following but is not limited to:
Summary of agreement
Terms of beneficial interest
Relationship of owners
Price and payment of the property
Use of the property
Procedure at meetings
Property administrator and expenses
The furniture fixtures and fittings
Personal possessions
Undertakings by the clients
Repair and maintenance of the property
Payments
Developer purchase contract
Plans
Usage calendars
Default
Warranties and indemnities
Confidentiality
Sale
Termination of this agreement
Notices and services
Rights of third parties
Severability
Modification, amendment, supplement and waiver
Dispute resolution
General
Jurisdiction
Property management agreement
Communal areas management agreement
Projected 1st years expenses